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Nokia Falls Behind; CEO Hints of Strategy Change
BY CHRISTOPHER LAWTON
Nokia Corp., the world's largest cellphone maker, reported a shrunken fourth
-quarter profit, warned of weak results in the current quarter, and hinted
at big changes ahead as it struggles to reinvent itself.
The Finland-based company said profit for the three months ended Dec. 31 was
€745 million ($1.02 billion), down 21% from €948 million a year
earlier. Overall quarterly sales rose, but the company lost market share in
the lucrative smartphone market.
In only his second public address to investors since being tapped to revive
Nokia's fortunes, Chief Executive Stephen Elop acknowledged the mobile-phone
industry has changed and that Nokia ...
BY CHRISTOPHER LAWTON
Nokia Corp., the world's largest cellphone maker, reported a shrunken fourth
-quarter profit, warned of weak results in the current quarter, and hinted
at big changes ahead as it struggles to reinvent itself.
The Finland-based company said profit for the three months ended Dec. 31 was
€745 million ($1.02 billion), down 21% from €948 million a year
earlier. Overall quarterly sales rose, but the company lost market share in
the lucrative smartphone market.
In only his second public address to investors since being tapped to revive
Nokia's fortunes, Chief Executive Stephen Elop acknowledged the mobile-phone
industry has changed and that Nokia ...